Posted on 03/07/2009 1:40:42 AM PST by 2ndDivisionVet
With "no end in sight" for U.S. job losses amid a recession that could stretch into 2010, American workers will soon have to contend with another blow to their confidence: stagnant, or even falling wages.
Job seekers -- already coping with the highest unemployment rate in a quarter century, their savings mugged by a plunging stock market -- can also expect lower pay once they land a new job, labor market experts say, because the current downturn shows no signs of turning around anytime soon.
"There's no end in sight," said Tig Gilliam, chief executive of Adecco Group North America, the third-largest U.S. employer behind Wal-Mart Stores and the postal service.
"March is going to be the same, and I don't see anything that will make April better."
Lower wages, in turn, could further erode the outlook for the U.S. economy by hurting consumers' spending power.
The government's February employment report showed 651,000 jobs eliminated outside the farm sector, while losses in the previous two months were revised upward. The unemployment rate jumped to 8.1 percent, highest since 1983.
Job losses in professional services categories are accelerating, and temporary payrolls -- typically a leading indicator -- show no signs of improving, Gilliam said.
The temp sector, where losses preceded the decline in the wider labor market by a year, must stabilize before any hint of a wider jobs recovery.
Temporary workers as a percentage of the total workforce are down to 1.42 percent, a level not seen since May 1994. The bottoming of this metric typically correlates with the end of recession, said BMO Capital Markets analyst Jeffrey Silber in a research note.
"Unfortunately, we're not there yet," Silber said.
(Excerpt) Read more at reuters.com ...
It hasn’t filtered through yet. What these monsters in charge have been and are doing. History is what we are watching folks. The bad kind.
He has crammed four years of Jimmy Carter into one month. It remains to be seen how much damage will result in month number two.
By the time bambi is done we will all be on minimum wage, unless you have party connections.
You have outlined the goal. Rather concisely.
At least Clinton had entertainment value, as did Billy Carter, RIP. Obama does have a bit of Jimmy Carter's way of preaching that Americans are bad so they diserve to suffer.
Instead of gold it is poop. I would have used another word but it is not allowed here.
I miss Jimmy Peanuts as much as a bad dose of the clap. Granted Obama is worse. But Jimmy supported Obama. I'm old enough to remember what the peanut farmer did to this republic.
I am vacationing in Jamaica. Yesterday I visited a call center for an off shore out sourcing company. The manager/trainer said in 10 years he has had not ONE case of carpel/tunnel syndrome, no lawsuits for back injuries and no honest threats of labor unions. One of his top paid ladies is making $600 USD a week, as they put them all on incentives, how many calls they handle, sells they make and keystrokes on a computer they can pile up in a working day. I came to the hotel and watched a video of the UAW workers in Detroit and I think Amerika is in more trouble than they realize.
I don’t blame America. You can, but I would disagree. My grandmother has issues with her wrist. Bless her heart. Not a lawsuit in sight.
So the plan is working, and the global elitists see nothing wrong with what is happening and plan to do nothing to stop it.
That is all that this article verifies.
All of those illegals from the housing industry need to work somewhere, and juan mccain cannot find enough yards for them to mow.
The article simply verifies your bias, you mean.
Not to worry; despite this minor unpleasantness, I'm confident the country will meet it's 65,000 wage slave H1B import quota this year.
Pinging the H1B lobby.
People need to start mailing him applications, he has connections.
The “intent” of Free Trade is to open up markets from and to each economy for the benefit of all. Freedom is a good thing bub, get used to it cause freedom will win out in the long run.
I am vacationing in Jamaica. Yesterday I visited a call center for an off shore out sourcing company. The manager/trainer said in 10 years he has had not ONE case of carpel/tunnel syndrome, no lawsuits for back injuries and no honest threats of labor unions. One of his top paid ladies is making $600 USD a week, as they put them all on incentives, how many calls they handle, sells they make and keystrokes on a computer they can pile up in a working day. I came to the hotel and watched a video of the UAW workers in Detroit and I think Amerika is in more trouble than they realize.And that is a good thing? Sitting at a computer 12 hours a day is *bad* for you. He doesn't have lawsuits because in Jamaica workers don't have an (real) legal recourse.
That said now the global barriers to entry have been broken down for so many different fields I expect the race to the bottom to get even faster. I wonder if Myanmar is going to get into the act? Definitely no worries about unions or lawsuits there.
The name isn’t “Bub”. Don’t post to me if you can’t get past that.
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